(Answered) Would you please review this question and let me know if

Economics

Would you please review this question and let me know if answer (A) is correct.

If an individual's utility function is given by U(xy) = x0.4y0.6 and I = 200, px = 2,py = 3, his or her preferred consumption bundle will be:

a. (60, 80 over 3)

b. (70, 20)

c. (40, 40)

d. (10, 60)

If I am wrong could you please explain my mistake.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M93079942
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Economics

A firm is considering a project that has the following

A firm is considering a project that has the following estimated cashflows: Increased sales to business of $100,000 for the next six years (starting in one year's time) Increased costs of $30,000 for the next six years ( ...

In 1975 the price of gasoline per gallon was 563 cents with

In 1975 the price of gasoline per gallon was 56.3 cents. With the 1975 price as a reference value, the gasoline price index for 1998 is 198.7. What would the cost of a gallon of gasoline be in 1998.

You are in charge of numbering the homes in a new

You are in charge of numbering the homes in a new subdivision. If we were to ue 0 through 9 as our number to use and we want to have 3 digit house numbers, how many unique homes numbers would we potentially be able to pr ...

Chebyshevs theorem is used to approximate the proportion of

Chebyshev's theorem is used to approximate the proportion of observations for any data set, regardless of the shape of the distribution. Assume that a distribution has a mean of 255 and standard deviation of 20. Approxim ...

Image manufacturing is an electronics manufacturer and

IMAGE Manufacturing is an electronics manufacturer and retailer. Its main products are Ultrabook computers, PCs and calculators. The current price of the Ultrabook is $ 600, the PC is $700 and the calculator is $30. This ...

How does the percent below poverty level compare to the

How does the "percent below poverty level" compare to the national rate? What factors are causing your county poverty rate to differ from (or equal) the national poverty rate?

You just signed a 30-year lease agreement for a business

You just signed a 30-year lease agreement for a business property. The monthly rent for the first year is $1,000/month, with the ?rst month's rent due today. Starting from the second year onward, the monthly rent will be ...

In a class there are 7 girls and 5 boys the median age of

In a class there are 7 girls and 5 boys. The median age of the 7 girls is 12 and the median age of the 5 boys is 14. Additionally, you know that there are 3 girls with age greater than 14 and 2 boys with age less than 12 ...

An urn contains 5 red and 10 blue balls balls are drawn

An urn contains 5 red and 10 blue balls. Balls are drawn sequentially from urn without replacement. Let X be the number of draws necessary in order to obtain exactly 4 red balls. Find probability mass function of X

Sally purchases hardwood lumber for a custom

Sally purchases hardwood lumber for a custom furniture-building shop. She uses three suppliers, Northern Hardwoods, Mountain Top, and Spring Valley. Lumber is classi ed as either clear or has defects. Sally estimates th ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert